Iris Energy (NASDAQ:IREN) Shares Gap Down – Should You Sell?

Iris Energy Limited (NASDAQ:IREN)’s stock price gapped down before the market opened on Tuesday . The stock had previously closed at $11.99, but opened at $11.22. Iris Energy shares last traded at $10.26, with a volume of 7,730,613 shares trading hands.

Analysts Set New Price Targets

IREN has been the subject of several research analyst reports. Roth Capital raised Iris Energy to a “strong-buy” rating in a research note on Tuesday, October 1st. B. Riley lifted their price objective on Iris Energy from $15.00 to $16.00 and gave the stock a “buy” rating in a research report on Thursday, December 19th. Needham & Company LLC reaffirmed a “hold” rating on shares of Iris Energy in a research report on Wednesday, November 27th. JPMorgan Chase & Co. restated a “neutral” rating and issued a $15.00 target price (up previously from $9.50) on shares of Iris Energy in a research note on Tuesday, December 10th. Finally, BTIG Research assumed coverage on shares of Iris Energy in a research report on Friday, December 20th. They issued a “buy” rating and a $33.00 target price on the stock. Two analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $19.50.

Iris Energy Stock Down 10.5 %

The stock’s 50 day moving average is $11.72 and its two-hundred day moving average is $9.97.

Institutional Investors Weigh In On Iris Energy

Large investors have recently bought and sold shares of the company. D1 Capital Partners L.P. acquired a new position in Iris Energy in the 2nd quarter valued at $17,319,000. Hood River Capital Management LLC purchased a new position in Iris Energy in the second quarter worth approximately $13,618,000. Marshall Wace LLP increased its stake in Iris Energy by 33.6% in the second quarter. Marshall Wace LLP now owns 3,811,780 shares of the company’s stock valued at $43,035,000 after purchasing an additional 958,494 shares during the last quarter. Bank of Montreal Can purchased a new stake in shares of Iris Energy in the 2nd quarter valued at about $9,969,000. Finally, Van ECK Associates Corp boosted its holdings in shares of Iris Energy by 56.1% in the third quarter. Van ECK Associates Corp now owns 1,605,671 shares of the company’s stock valued at $13,938,000 after acquiring an additional 576,726 shares during the period. Hedge funds and other institutional investors own 41.08% of the company’s stock.

About Iris Energy

Iris Energy Limited owns and operates bitcoin mining data centers. The company was incorporated in 2018 and is headquartered in Sydney, Australia.